Regulation, Risk, and Compliance

All Insurance institutions face significant amounts of regulation and are required to accurately assess and measure all types of Risk to allocate sufficient levels of capital. These same regulations also require them to increase transparency across their Risk portfolio. Insurance institutions need the right data, with the appropriate qualities such as accuracy and timeliness, to ensure they get their Risk calculations right. This is evident in requirements such as SOLVENCY II compliance for example. M&A activity, too many siloed Product or Policy systems introduced over time, human intervention required in data processing and use of inappropriate data management tools and approaches have all resulted in difficulties in understanding whether available data is actually the right data and, if it is, whether it’s accurate and up-to-date. Data often also sits in the siloes of the business where it’s enterprise-wide value is reduced. Whether for standard formula or an internal model requirements, Risk teams need the best data they can to reduce the impact of potential miscalculations of risk and associated capital allocations, reduce the potential risk of non-compliance and to significantly increase transparency.